Chicago Agriculture Commodities Traded Higher
$CORN, $WEAT, $SOY
Chicago Board of Trade (CBOT) agriculture commodities finished higher Wednesday, with Wheat futures rising over 6%, supported by concerns about crop shortfalls in Key production areas around the world.
The most active Corn contract for December delivery went up 7.25c, or 1.98% to close at 3.7325 bu.
September Wheat delivery surged 32.5c, or 6.37% to close at 5.4275 bu.
November Soybean delivery added 2.5c, or 0.29% to close at 8.7575 bu.
European consultant Strategie Grains said Wednesday that it cut its forecast for the EU’s soft Wheat to just under 130-M tonnes compared with 132.4-M tonnes estimated earlier this month. If happens, that would be the smallest crop output from the EU since Y 2012.
Participants in the US spring Wheat tour who are traveling across North Dakota said they’re seeing evidence of heat stress on the crop and that the crop does not look as good as some had expected considering the lofty crop ratings.
About 88% of the Wheat crop was in good or excellent condition as of Sunday, the US Department of Agriculture (USDA) said in a report this week. Tour participants will release their findings from the state as a whole Thursday.
The strength in Wheat lifted corn futures to their highest in more than 3 weeks. Corn also received support from concerns about dry conditions limiting harvest yields in parts of the US Midwest.
Soybean futures ended slightly higher, with technical buying pulling prices higher after the market dipped into negative territory.